History
The holding company, MGM Holdings, was formed on February 11 2005, by a Sony-led consortium; and on April 8, 2005, it acquired MGM in a US$4.8 billion leveraged buyout. From that period until its emergence from bankruptcy on December 20 2010, it was owned by Providence Equity Partners (29%), TPG Capital (formerly Texas Pacific Group) (21%), Sony Corporation of America (20%), Comcast (20%), DLJ Merchant Banking Partners (7%), and Quadrangle Group (3%).
Following the emergence from bankruptcy, MGM's secured lenders which included Credit Suisse and JPMorgan Chase jointly own the company. The holding company owns MGM Holdings II Inc., which in turn owns the Hollywood studio - Metro-Goldwyn-Mayer Studios Inc. In December 2010, MGM named Spyglass partners Gary Barber and Roger Birnbaum as the co-Chairs and co-CEOs of the studio; and also appointed Ann Mather, the ex-Pixar CFO to head MGM's new board of directors. On December 29 2010, MGM signed a new lease with New York-based group George Comfort & Sons for a 6-story building in the corner of 235–269 N. Beverly, leaving its old headquarters in Century City.
On July 31, 2012, MGM announced a deal with Carl Icahn, MGM’s largest shareholder, to acquire his stake in MGM Holdings for US$590 million. The deal allowed MGM to set a market value of US$2.4-US$3 billion for the studio, in case it went public or sold to a strategic investor.
Read more about this topic: MGM Holdings
Famous quotes containing the word history:
“There is no example in history of a revolutionary movement involving such gigantic masses being so bloodless.”
—Leon Trotsky (1879–1940)
“In history the great moment is, when the savage is just ceasing to be a savage, with all his hairy Pelasgic strength directed on his opening sense of beauty;—and you have Pericles and Phidias,—and not yet passed over into the Corinthian civility. Everything good in nature and in the world is in that moment of transition, when the swarthy juices still flow plentifully from nature, but their astrigency or acridity is got out by ethics and humanity.”
—Ralph Waldo Emerson (1803–1882)
“False history gets made all day, any day,
the truth of the new is never on the news
False history gets written every day
...
the lesbian archaeologist watches herself
sifting her own life out from the shards she’s piecing,
asking the clay all questions but her own.”
—Adrienne Rich (b. 1929)